SREI Q2 profit recorded at 80 per cent

Published: Monday, October 29, 2007, 19:03 [IST]

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Kolkata, Oct 29 (UNI) SREI Infrastructure Finance Ltd, country's largest infrastructure projects company, today declared its net profit increased by 80 per cent at Rs 636 billion(before tax) for the quarter ended September 30, as compared to Rs 449.8 million in the same period last fiscal.

The company's total income for the last two quaters remained at Rs 2,900 crore, whereas the business for all the quarters in the last fiscal was Rs 4,400 crore. SREI, through its subsidiary SREI Venture Capital Ltd has acquired two new companies - Hyderabad Information and Technology Venture Enterprises Ltd and Cyberabad Trustee Company Pvt Ltd.

The Company has financed many roads construction, power expansion, water resources, shipping and aviation projects. They are presently venturing into sectors like agriculture and medical equipment and IT.

Announcing the Q2 results here today, Company's Managing Director and Vice-chairman Hemant Kanoria said, ''The consolidated net profit after tax, this quarter has touched Rs 331.8 million up from Rs 162.8 millionm in the second quater as compared to last fiscal, registering a growth of 104 per cent.

Mr Kanoria said the SREI Infrastructure Development Finance Pvt Ltd, a 50-50 JV between SREI and BNP Parivar Lease Group, will allow fresh capital to accelerate our infrastructure project financing and development business.

The company will also carry out the business of infrastructure equipment finance in a bigger scale and enhance SREI to expand its business globally. The JV Company has also struck a deal with Sri Lankan Government last month for the construction of a mass transport system with an investment of Rs 1.25 USD at Colombo. A similar project in Hyderabad is also being initiated with an investment of Rs 6,000 crore.

SREI, the first infrastructure finance company to be listed on the London stock exchange, is in nusiness since 18 years and has expansion plans in South East Asia and West Asia.